MBA's Quinn's Applauds Signing of Stimulus Package

Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today issued the following statement upon President Bush's signing of legislation to promote continued economic growth:

'This stimulus package will play a key role in stabilizing the housing market and ensuring continued economic growth in this country. The temporary increase in the loan limits for FHA, Fannie Mae, and Freddie Mac will help consumers by providing important financing options, and will help restart the securitization market for higher value loans.

I also want to echo the President's call for Congress to complete work on FHA modernization, GSE oversight reform and legislation to allow state housing agencies to issue tax exempt bonds in order to help at risk borrowers refinance their mortgages. These are three of MBA's top legislative priorities and all three can play crucial roles in stabilizing the housing and mortgage markets.